Obama's Federal Reserve Candidate Withdraws

Larry Summers, President Barack Obama’s candidate for the next chairman of the Federal Reserve, withdrew his candidacy on Sunday, CNN reported. Obama said he spoke with Summers and accepted his decision.

"Larry was a critical member of my team as we faced down the worst economic crisis since the Great Depression, and it was in no small part because of his expertise, wisdom, and leadership that we wrestled the economy back to growth and made the kind of progress we are seeing today," the president said in a statement.